OpenText™ Corporation announced that it has successfully completed the divestiture of its AMC/Mainframe business to Rocket Software, Inc., a Bain Capital portfolio company (“Rocket Software”), for $2.275 billion in cash before taxes, fees and other adjustments.
“We are pleased to complete the divestiture of our AMC/Mainframe business to Rocket Software”, said Mark J. Barrenechea, OpenText CEO & CTO. “We intend to use the net proceeds from the divestiture to reduce our debt by $2 billion and lower our net leverage ratio to under 3x. Further, the divestiture allows the company to focus on the future of Information Management, which is innovation and growth in the Cloud, Security, and AI markets and the opportunity to expand our capital allocation program for shareholders.”
Additional details on the impact of the divestiture to the remainder of Fiscal 2024 will be outlined as part of the Company’s quarterly earnings results scheduled for May 2, 2024.
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